 The Morning Brief | Gregor Becker · Editor-in-Chief (M.Phil Economics, Oxford) |
| Wednesday, 28 October 2026 |
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Right, let's start. Eighty-three trillion won: that is what SK Hynix earned in operating profit in one quarter, on an 80% margin, and Korea's KOSPI jumped 6.63% in response. SK Hynix trades at 3.3x forward earnings all the same. 🤔 Also on the table: • | Broadcom rose 4.0% on a $63B deal to supply Anthropic with chips, ahead of what is expected to be a historic IPO |
• | And Boeing has our analysts split after a 10.8% drop: Jordan sees thin grounds for the sell-off after 34.5% revenue growth - Jess sees a wider loss and a -1.2% free cash flow yield, and would wait. The case for each is below ⬇️ |
Editor's note: Tech rallies into the Fed; our Space Portfolio owns the space economy. See every holding.
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Market Snapshot Index | 24h Change | YTD | S&P 500 | +0.60% | +12.6% | Nasdaq | +1.18% | +14.0% | Dow Jones | +0.03% | +8.3% | | | DAX | -0.13% | +4.2% | FTSE 100 | -0.33% | +7.0% | Euro Stoxx 50 | -0.36% | +3.8% | Nikkei 225 | +1.08% | +23.4% | Hang Seng | +0.23% | -12.3% |
• | Our take: Chips did the heavy lifting, with AI names rebounding as worries about funding the buildout eased after Meta's equity offering calmed nerves over its spending. The standout was Boeing, which fell sharply on earnings day. Next up is the Fed's rate decision, with big tech results due this week. |
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The Odds 🎲 | Together with |  |
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What prediction markets are betting on today. |
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Top of the Morning SK Hynix Made 83 Trillion Won in a Quarter. Korea's Stock Market Noticed. |
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SK Hynix's record profit has Korea's stock market cheering. |
• | 💰 The margin: Operating margin was 80%. Most companies would describe this as a rounding error in their favor; SK Hynix describes it as memory. |
• | 🧾 Cheap at the price: SK Hynix trades at 3.3x forward earnings, and the payout is roughly 10% of the company in a year. A multiple like that suggests investors expect memory earnings to fall hard. The company has just reported an 80% margin. |
Why it matters: SK Hynix says memory demand will outstrip supply through 2030, and that long-term agreements with 14 major customers cover more than half of its 2027 and 2028 capacity. The Yahoo piece notes those contracts lock in volume more than price. • | 📉 The comeback: The KOSPI had fallen more than 35% from its June peak before this two-day rally of nearly 10. Samsung Electronics, up 9.01%, reports Thursday. |
• | Our take: The results were excellent and the outlook was better, which is why the market cheered. But a stock market that falls 35% and then gains 10% in two days is telling you about its mood more than about memory. The earnings are real. The question is how long anyone believes them. |
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What’s up Yesterday's session, factoring in pre-market data 
| $AVGO +4.0% Broadcom Inc. |
| $AMD +5.5% Advanced Micro Devices, Inc. |
| $INTC +3.6% Intel Corp. |
| $ORCL +3.5% Oracle Corporation |
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What’s down 
| $HSBC -5.7% HSBC Holdings plc |
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Today's Debate → | Is Boeing ($BA) a buy after today's 10.8% drop? |
 | Jordan Bittencourt Bull 🐂 |
Yes. I would buy The Boeing ($BA), the airframer behind Air Force One. Revenue grew 34.5% year on year, and one quarterly miss seems thin grounds for a sell-off this size. • | The margin claim: I believe the opportunity sits in margin. Gross and operating margin both stand at 4.8% on the latest annual figures. From a base that low, each extra dollar of revenue carries a lot of operating leverage, and after a double-digit drop I am happy to pay for that optionality. |
• | The catalyst claim: The October 27 print delivered $24,188M of revenue against a $23,950M estimate, a 1.0% beat. The EPS of $-0.34 versus $-0.25 expected is the ugly part, but I think the top line matters more. The earnings call transcript is where I would look for management's path back to profit. |
 | Jess Langley Bear 🐻 |
No. Boeing ($BA) posted a wider loss than analysts feared. A wider loss on the line that pays shareholders is a reason to wait, so I would hold off. • | The cash problem: Free cash flow yield sits at -1.2%. That is a company consuming cash just as you are being asked to buy the dip. The 17.6x trailing P/E looks tame only because it leans on past earnings, and the latest quarter printed another loss. |
• | Jordan's best point: Jordan will point to revenue beating the estimate. But the EPS result of -$0.34 against -$0.25 expected is a 33.4% miss. To me that says costs are eating the sales, and the earnings call transcript is where I would look for margin answers. |
• | The leverage risk: Net debt of 3.0x EBITDA and a beta of 1.26 mean Boeing can fall harder than the market if the selling continues. The Fed is expected to hold rates steady, so I see no relief coming on borrowing costs. |
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The Digest ✨ What investors like you are reading. Fox Business reports the Fed is expected to hold rates steady before the midterms, as hotter September CPI, the consumer price index, still leaves a high bar for an October hike. Consumer confidence rose in October as cheaper gasoline eased pressure, Reuters reports, though cost-of-living frustration lingers. Spending drives most of US GDP, so a firmer consumer supports the growth outlook. Robinhood Markets ($HOOD) fell 8% premarket as a prolonged crypto slump pushed third-quarter profit below estimates, Reuters reports. |
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Situational Awareness US • | Nasdaq futures rise: Futures on the Nasdaq edged higher as investors braced for a pivotal day for AI-related fears. ( Barrons) |
• | US durable goods orders: Orders for goods meant to last three years or more rose $6.3 billion to $345.4 billion in September, following a 0.1% increase in August. ( WSJ) |
• | Wall Street rally: U.S. stocks extended their gains ahead of corporate earnings releases and the Federal Reserve's policy statement. ( WSJ) |
• | Guidewire investor day: Guidewire Software ($GWRE) held an analyst and investor day, and the transcript is now published. ( Seeking Alpha) |
• | Anthropic IPO ambitions: Anthropic is reportedly preparing a Nasdaq IPO targeting a valuation of $1.5 trillion to $2 trillion, driven by fast-growing AI revenue. ( Seeking Alpha) |
World • | Khamenei deal signal: Iran's supreme leader was quoted as saying it is time to end the "neither war nor peace" limbo. Markets moved modestly on the comments. ( Market Watch) |
• | Wind import order: The Federal Register, the US government's official journal of rules and executive orders, published a presidential order directing negotiations over wind imports, according to EconoTimes. ( EconoTimes) |
• | Houthi refinery attack: Yemen's Iran-aligned Houthis said they launched an attack on Saudi Arabia's Ras Tanura refinery, the kingdom's biggest. ( Reuters) |
• | GSK specialty boost: GSK ($GSK) sales got a lift from specialty medicines in the third quarter. ( WSJ) |
• | Sandoz guidance cut: Sandoz ($SDZ) shares fell after the generics maker turned cautious on its sales guidance. ( The Wall Street Journal) |
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Today's Agenda (ET) | Germany: Consumer Confidence (Nov) est. -30.9%, prev -30.6% |
| US: MBA 30-Year Mortgage Rate (Oct/23) prev 7.41% |
| US: Retail Inventories Ex Autos MoM (Sep) est. -0.1%, prev 0% |
| US: Goods Trade Balance (Sep) est. -130B, prev -132.1B |
| US: Wholesale Inventories MoM (Sep) est. 0.5%, prev 0.5% |
| Canada: BoC Interest Rate Decision est. 2.5%, prev 2.25% |
| Canada: BoC Monetary Policy Report |
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